Gold Wave Analysis – 22 July, 2022

• Gold reversed from support area

• Likely to rise to next resistance level 1759.00

Gold recently reversed up from the support area lying between the key support level 1685.60 (which has been reversing the price from the start of April) and the lower weekly Bollinger Band.

The upward reversal from this support area stopped the C-wave of the previous intermediate ABC correction (2).

Given the oversold weekly Stochastic, Gold can be expected to rise further toward the next resistance level 1759.00.